PM Modi urges fintech sector to cut remittance costs, expand UPI globally

Prime Minister Narendra Modi on Tuesday encouraged the fintech industry to help the diaspora reduce remittance costs, connect the Unified Payments Interface (UPI) with local systems in other countries, and broaden its global reach.

In his address after the inauguration of the 7th edition of the Global Fintech Fest, Modi stated that the UPI platform is currently operational in 11 countries and has connected with Singapore's local system.

Expanding UPI's reach should be the next goal, Modi said, urging the ecosystem not to rest on the laurels of the past ten years when UPI became a widespread platform for real-time payments across the nation.